Comment on Taxation Simplified

Nithin Kamath commented on 11 Jun 2013, 04:35 AM


The notice that you have received right now is for defective return and yes you can file a revised return. Yes the audit report date will be a present date which will mean a delayed penalty of 0.5% or 1.5lks whichever is lesser of the turnover under section 271(B). But this way you will atleast be able to carry forward your loss and also not worry about any other penalty from the Income tax department.

The reason I am saying this is because it is quite possible that you might get a demand notice to pay taxes considering 8% of your total turnover as profits tomorrow.

About the last 2 points, they seem to be errors made while filling up the ITR4 forms. I’d suggest you to meet a CA and get this done through him. To save a penny we shoudn’t be risking a dollar, a good CA will help to keep your books clean and be at peace.


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